Wiley Pathways Selling

Part I: The Art of Selling 1

1 The Life and Career of a Professional Salesperson 1

Introduction 2

1.1 Understanding the Universal Need for Sales 2

1.1.1 Using Sales Skills 2

1.1.2 The Concept of Selling 3

Self-Check 4

1.2 Using the Approaches of the Trade 4

1.2.1 Person-to-Person 4

1.2.2 Telemarketing 5

1.2.3 Direct Mail 5

1.2.4 E-Mail 5

1.2.5 The Internet 6

Self-Check 6

1.3 Experiencing the Learning Curve 6

1.3.1 Unconscious Incompetence 6

1.3.2 Conscious Incompetence 7

1.3.3 Conscious Competence 7

1.3.4 Unconscious Competence 7

Self-Check 8

1.4 Describing the Ideal Sales Professional 8

1.4.1 Creating the Selling Triangle 8

1.4.2 The 10 Characteristics of a Successful

Sales Professional 8

Self-Check 10

1.5 Shifting into High Gear: Professional Sales 11

1.5.1 Preparing Before the Sales Pitch 11

1.5.2 Maintaining Professionalism in Your Presentation 12

1.5.3 Communicating Effectively 13

1.5.4 Having Realistic Expectations 14

1.5.5 Maintaining Your Discipline and Commitment 15

1.5.6 Evaluating Yourself 15

Self-Check 16

1.6 Using Technology in Sales 16

Self-Check 18

Summary 18

Key Terms 19

Summary Questions 20

Applying This Chapter 21

You Try It 22

2 Ethical and Legal Issues in Selling 23

Introduction 24

2.1 Making Ethical Decisions 24

2.1.1 The Role of a Job Description in Ensuring Ethics 26

2.1.2 The Role of the Business Environment in Ethics 27

2.1.3 Ethics Training 29

Self-Check 29

2.2 Factors That Influence the Ethics of Salespeople 30

2.2.1 Relativism and Idealism 30

2.2.2 Machiavellianism 30

2.2.3 Conventional Morality 31

Self-Check 32

2.3 Ethical Problems Salespeople Face 32

2.3.1 Hiring and Firing 32

2.3.2 House Accounts 33

2.3.3 Expense Accounts 33

2.3.4 Gifts for Buyers 34

2.3.5 Bribes 34

2.3.6 Entertainment 35

2.3.7 Sexual Harassment 36

2.3.8 Whistle-blowing 37

Self-Check 38

2.4 Relying on Government Regulation for Sales Ethics 39

2.4.1 Reasons for Regulations 39

2.4.2 Problems with Regulation 39

Self-Check 40

Summary 40

Key Terms 40

Summary Questions 42

Applying This Chapter 43

You Try It 44

Part II: Preparing for the Sale 45

3 Why People Buy 45

Introduction 46

3.1 Uncovering Needs and Wants 46

Self-Check 48

3.2 Developing the Seven Steps of the Sales Strategy 49

3.2.1 Step 1: Prospecting 49

3.2.2 Step 2: Original Contact 50

3.2.3 Step 3: Qualification 50

3.2.4 Step 4: Presentation 51

3.2.5 Step 5: Addressing Concerns 51

3.2.6 Step 6: Closing the Sale 51

3.2.7 Step 7: Getting Referrals 52

Self-Check 52

3.3 Buying Motives 52

3.3.1 Task Motives vs. Personal Buying Motives 53

3.3.2 Transactional Relationship vs. Consultative Relationships 54

Self-Check 56

3.4 How Customers Make Buying Decisions 56

3.4.1 The Standardized Model 56

3.4.2 The Need-Satisfaction Model 57

3.4.3 The Problem-Solution Model 58

3.4.4 Thinking Outside the Models 58

Self-Check 59

Summary 60

Key Terms 60

Summary Questions 62

Applying This Chapter 62

You Try It 64

4 Communication Skills for Relationship Building 65

Introduction 66

4.1 The Importance of Communication Skills in Sales 66

Self-Check 67

4.2 Developing Communication-Style Flexibility 67

4.2.1 Believers 67

4.2.2 Wheeler-dealers 67

4.2.3 No-Nonsense Buyers 68

4.2.4 Evaders 68

4.2.5 Complainers 68

4.2.6 Analyzers 69

4.2.7 Power Seekers 69

4.2.8 Disorganized and Controlling Buyers 69

4.2.9 Cynics 70

Self-Check 70

4.3 Communication Do’s and Don’ts 71

4.3.1 Positive Nonverbal Messages 71

4.3.2 Negative Nonverbal Messages 72

Self-Check 72

4.4 Vocabulary of a Great Salesperson 72

Self-Check 73

4.5 Listening to Your Clients 73

Self-Check 75

4.6 Cultural Considerations 75

4.6.1 Unique Cultural Needs 75

4.6.2 Getting Names Right 76

4.6.3 Making an Appointment 77

4.6.4 Presenting Your Business Card 77

4.6.5 Respecting Personal Space 78

4.6.6 Meeting and Greeting People 78

4.6.7 Giving Gifts 78

4.6.8 Choosing Your Words Wisely 80

Self-Check 80

4.7 Relationship Building 80

4.7.1 The Evolution of a Relationship 81

4.7.2 Relationship Binders 81

4.7.3 Relating Skills 85

Self-Check 86

Summary 87

Key Terms 87

Summary Questions 89

Applying This Chapter 90

You Try It 92

5 Prospecting 93

Introduction 94

5.1 Prospecting: An Introduction 94

Self-Check 95

5.2 Where to Find Prospects 95

5.2.1 Current Customers 95

5.2.2 Chambers of Commerce and Public Libraries 96

5.2.3 The Internet 97

5.2.4 List Brokers 97

5.2.5 Your Current Contacts 97

5.2.6 The Yellow Pages and Toll-Free Directories 99

5.2.7 Your Colleagues and Other Professionals 99

5.2.8 The Newspaper 101

Self-Check 101

5.3 Qualifying a Prospect 101

5.3.1 Following the NEADS Formula 102

5.3.2 Questioning Your Way to Success 103

Self-Check 106

5.4 Organizing Your Prospect Information 106

5.4.1 An Organized Workspace 107

5.4.2 Technological Tools 107

5.4.3 Organization in Contacting Prospects 109

Self-Check 112

5.5 Developing a Prospecting and Sales Forecasting Plan 112

5.5.1 Qualitative Methods 113

5.5.2 Data Needed in Order to Use Qualitative Methods 113

5.5.3 Quantitative Techniques 117

Self-Check 118

Summary 118

Key Terms 119

Summary Questions 121

Applying This Chapter 121

You Try It 123

6 Planning a Sales Call 124

Introduction 125

6.1 Obtaining Knowledge 125

6.1.1 The Product 127

6.1.2 Your Customers 128

6.1.3 Your Organization 130

6.1.4 The Competition 130

6.1.5 The Environment 131

Self-Check 132

6.2 Developing a Marketing Strategy 133

6.2.1 Market Segmentation 133

6.2.2 Target Marketing 135

6.2.3 Positioning Strategy 136

6.2.4 Understanding the Purchasing Process 137

Self-Check 138

6.3 Establishing Sales Presentation Objectives 138

Self-Check 140

6.4 Advocating Skills 140

Self-Check 140

Summary 140

Key Terms 141

Summary Questions 143

Applying This Chapter 143

You Try It 145

Part III: The Selling Process 146

7 Making a Sales Call 146

Introduction 147

7.1 Getting an Appointment 147

7.1.1 Telephone Calls 147

7.1.2 In-Person Calls 150

7.1.3 Letters 150

7.1.4 Third-Party Introductions 151

Self-Check 151

7.2 Making a First Impression 151

Self-Check 152

7.3 Approaching a Customer 152

7.3.1 Managing Sales Call Anxiety and Motivation 154

7.3.2 Courtesy and Common Sense 155

7.3.3 Being Observant 156

Self-Check 156

7.4 Before Opening the Presentation 157

Self-Check 158

7.5 Using Attention-Getters 158

Self-Check 159

7.6 The Biggest Sales Mistakes 159

Self-Check 160

Summary 160

Key Terms 160

Summary Questions 161

Applying This Chapter 161

You Try It 163

8 Elements of a Great Sales Presentation 164

Introduction 165

8.1 The Importance of the Sales Presentation 165

Self-Check 165

8.2 Components of a Successful Presentation 165

8.2.1 Finding the Power Players 166

8.2.2 Keeping the Presentation as Brief as Possible 166

8.2.3 Handling Breaks 167

8.2.4 Preparing Beforehand 167

8.2.5 Customizing Your Materials 169

8.2.6 Developing Your Selling Vocabulary 169

8.2.7 Deciphering Body Language 173

8.2.8 Being Comfortable with Long-Distance Presentations 174

8.2.9 Establishing Trust 175

Self-Check 176

8.3 Solution Presentations 176

Self-Check 177

8.4 Adjuncts to a Presentation 177

8.4.1 Product Specifications 177

8.4.2 Written Proposals 177

Self-Check 179

8.5 Proof Devices for Effective Sales Presentations 179

8.5.1 The Product 179

8.5.2 Visual Aids 180

8.5.3 Demonstrations 182

Self-Check 182

Summary 183

Key Terms 183

Summary Questions 184

Applying This Chapter. 185

You Try It 186

9 Responding to Objections 187

Introduction 188

9.1 Negotiating Buyer Concerns and Problems 188

Self-Check 189

9.2 Common Sources of Buyer Concerns 189

9.2.1 Fear of Salespeople 190

9.2.2 Fear of Failure 191

9.2.3 Fear of Owing Money 191

9.2.4 Fear of Deception 192

9.2.5 Fear of Embarrassment 192

9.2.6 Fear of the Unknown 193

9.2.7 Fear of Repeating Past Mistakes 193

9.2.8 Fear Generated by Others 194

Self-Check 194

9.3 General Steps for Negotiating Buyer Concerns 194

Self-Check 194

9.4 Specific Steps in Negotiating Buyer Concerns 195

9.4.1 Listening to the Client’s Feelings 195

9.4.2 Share the Concerns Without Judgment 196

9.4.3 Clarifying the Real Issue by Asking Questions 196

9.4.4 Problem-Solving by Presenting Options and Solutions 197

9.4.5 Asking for Action to Determine Commitment 200

Self-Check 200

Summary 201

Key Terms 201

Summary Questions 202

Applying This Chapter 202

You Try It 203

10 Closing a Sale 204

Introduction 205

10.1 Guidelines for Closing a Sale 205

10.1.1 Focusing on Buying Motives 206

10.1.2 Using Trial Closes to Gauge Interest 206

10.1.3 Asking a Reflex Question 208

10.1.4 Knowing What You Can Deliver 208

10.1.5 Displaying Self-Confidence 208

10.1.6 Asking for the Order More Than Once 209

10.1.7 Recognizing Closing Cues 209

Self-Check 210

10.2 Closing Techniques 211

10.2.1 The Basic Oral Close 211

10.2.2 The Basic Written Close 211

10.2.3 The Alternative Choice Close 211

10.2.4 The Porcupine Method 211

10.2.5 The Summary Close 212

10.2.6 Sharp Angling 212

10.2.7 The Higher Authority Close 213

10.2.8 Advanced Closing Techniques 214

Self-Check 217

10.3 Dealing with “I Want to Think It Over” 217

Self-Check 218

Summary 218

Key Terms 218

Summary Questions 220

Applying This Chapter 221

You Try It 222

11 After the Sale: Service to Build a Partnership 223

Introduction 224

11.1 Building Long-Term Partnerships 224

11.1.1 Creating More Value for the Customer 225

11.1.2 Achieving Successful Sales 226

Self-Check 227

11.2 Customer Service Methods That Strengthen a Partnership 227

11.2.1 Cross-Selling and Up-Selling to Grow Sales 228

11.2.2 Following Up 228

11.2.3 Sending Thank-You Notes 230

Self-Check 231

11.3 Preplanning Your Service Strategy 232

Self-Check 234

11.4 Getting Referrals 234

Self-Check 236

Summary 236

Key Terms 236

Summary Questions 238

Applying This Chapter 239

You Try It 240

Part VI: Managing Yourself and Your Career 241

12 Time and Territory Management: Keys to Success 241

Introduction 242

12.1 Managing Yourself 242

12.1.1 Self-Discipline 242

12.1.2 Good Habits 244

Self-Check 245

12.2 Time Management 245

12.2.1 Time Traps 246

12.2.2 Professional Selling Efficiency 250

12.2.3 Productivity Gains 250

Self-Check 251

12.3 Suggestions for Time Management 252

Self-Check 255

12.4 Territory Management 255

12.4.1 What Territory Management Involves 256

12.4.2 Territory Design 256

12.4.3 Sales Call Plans 257

Self-Check 258

Summary 258

Key Terms 258

Summary Questions 260

Applying This Chapter 261

You Try It 262

13 Managing and Training Others 263

Introduction 264

13.1 Sales Management Functions 264

Self-Check 265

13.2 Recruitment and Selection of Salespeople 265

13.2.1 The Planning Process 266

13.2.2 Recruiting Salespeople 266

13.2.3 Selecting Salespeople 267

13.2.4 Interviewing Salespeople 269

13.2.5 Avoiding Nine Common Recruiting Mistakes 270

13.2.6 Validating the Hiring Process 272

Self-Check 273

13.3 Orientation and Training 273

13.3.1 The Benefits of a Training Program 273

13.3.2 Planning for Training 275

Self-Check 276

13.4 Team Building 276

Self-Check 277

13.5 Sales Force Motivation 277

13.5.1 Individual Needs 278

13.5.2 Career Stages 280

13.5.3 Incentive and Recognition Programs 280

Self-Check 283

13.6 Compensation Plans 283

13.6.1 Expense Reimbursement 285

13.6.2 Benefits 285

Self-Check 285

13.7 Assessing Sales Force Productivity 286

13.7.1 Six Insights for Evaluation and Control Systems 287

Self-Check 288

Summary 289

Key Terms 289

Summary Questions 291

Applying This Chapter 292

You Try It 294

Endnotes 295

Glossary 301

Index 312